El Salvador seems to be all right with Bitcoin fluctuations. Dania Gonzalez, Deputy of the Republic, shared the crypto achievements of the country with Cointelegraph.
A while back we jumped on the El Salvador government for their controversial Bitcoin strategy. Now it’s time to act like a grown-up journalist and give a second opinion on the issue.
Only last week Dania Gonzalez, Deputy of the Republic of El Salvador, gave an exclusive interview to Cointelegraph where she revealed the real impact of the cryptocurrency on people’s lives. The very beginning of the interview brought up the subject of the recent market crash.
“Now cryptocurrency is down, this happens, it’s normal, but at this point instead of being sad, instead of thinking that you lost all your investment, it’s time to buy more Bitcoins because now the price is cheap, that’s the strategy.”
According to Gonzalez, El Salvador is already benefiting from investments made in Bitcoin. She cited two ventures — a veterinary hospital and a public school — that were possible thanks to cryptocurrency. She explained that they converted the reserved Bitcoin to build the facilities. Without crypto, they would have to approve projects, include them in the nation’s general budget and use people’s money for construction. Now, these works are done thanks to all the profits made with Bitcoin. So part of the generated profit has gone to socioeconomic development.
Another long-term advantage of the adoption of Bitcoin as a legal tender is the growing number of investors and merchants attracted to the country from all over the world, mainly thanks to offering a new independent payment gateway without commissions. By the way, there are also no fees for remittances between individuals, which allows transferring money outside the El Salvador borders easily.
She shared that they are continually improving their laws to adapt to the needs of the digital economy. One of their milestones is to make a law enabling investors from all over the world to have immediate citizenship in El Salvador if they invest in the world of Bitcoin in El Salvador.
Sounds like a sustainable and calibrated strategy, doesn’t it?